Research analysts who have asked questions during AMBEV earnings calls.
TD
Thiago Duarte
BTG Pactual
6 questions for ABEV
Also covers: AGRO, AGRO3.SA, BRFS +4 more
Isabella Simonato
Bank of America
5 questions for ABEV
Also covers: AGRO, BRFS, CSAN +3 more
LF
Lucas Ferreira
JPMorgan Chase & Co.
4 questions for ABEV
Also covers: AGRO, ASAIY, BRFS +7 more
Leonardo Alencar
XP Investimentos
3 questions for ABEV
Also covers: BRFS, JBS, JBSAY +1 more
RC
Renata Cabral
Citigroup
3 questions for ABEV
Also covers: FMX, JBS, KOF
Carlos Laboy
HSBC
2 questions for ABEV
Also covers: CCEP, FMX, KO +4 more
Felipe Ucros Nunez
Scotiabank
2 questions for ABEV
Also covers: CCU, KOF
GT
Gustavo Troiano
Itaú BBA
2 questions for ABEV
HB
Henrique Brustolin
Bradesco BBI
2 questions for ABEV
Also covers: AGRO3.SA, BRFS, CCU +5 more
NS
Nadine Sarwat
Bernstein
2 questions for ABEV
Also covers: CCEP, SAM, STZ +1 more
RA
Ricardo Alves
Morgan Stanley
2 questions for ABEV
Also covers: FMX, JBS, JBSAY +3 more
GP
Guilherme Palhares
Santander
1 question for ABEV
Also covers: BRFS, JBS, MRRTY +2 more
Isabella Simonato Alonso
Bank of America Merrill Lynch
1 question for ABEV
Also covers: JBS, SQM
RF
Renata Fonseca Cabral Sturani
Citibank
1 question for ABEV
Also covers: BRFS, FMX, KOF
RO
Robert Ottenstein
Evercore ISI
1 question for ABEV
Also covers: BUD, CCEP, CL +14 more
Rodrigo Alcantara
UBS
1 question for ABEV
Also covers: FMX, KOF
Recent press releases and 8-K filings for ABEV.
Ambev Reports Q4 and Full Year 2025 Results, Highlights Margin Expansion and Significant Shareholder Returns
ABEV
Earnings
Dividends
Share Buyback
- Ambev achieved a 50 basis points expansion in consolidated organic EBITDA margin, reaching 33.4%, and a 110 basis points expansion in Brazil Beer organic EBITDA margin for the full year 2025.
- The company announced approximately BRL 20 billion in shareholder returns for 2025, comprising BRL 13.2 billion in dividends, BRL 4.2 billion in interest on capital, and a new BRL 2.5 billion share buyback program.
- Digital platforms demonstrated strong growth, with BEES Marketplace GMV increasing 70% and Zé Delivery GMV reaching BRL 4.7 billion, up 13% year-over-year, serving 27 million yearly active users.
- Volumes were pressured by the environment in 2025, though Brazil Beer saw meaningful market share expansion in Q4, with premium and super premium volumes increasing high teens and non-alcohol growing around 30%.
- For 2026, Ambev expects Brazil Beer cash COGS per hectoliter (excluding non-Ambev marketplace products) to increase between 4.5% and 7.5%, primarily due to commodity prices and portfolio mix, with higher cost pressures anticipated in the first half.
Feb 12, 2026, 4:30 PM
Ambev Reports Strong 2025 Financial Performance and Shareholder Returns
ABEV
Earnings
Share Buyback
Dividends
- Ambev closed 2025 with a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, marking its third consecutive year of margin expansion.
- The company reported stated net income of almost BRL 16 billion, with stated EPS increasing 8.2% year-on-year, and normalized EPS increasing by 2%.
- Cash flow from operating activities remained solid at BRL 24.5 billion.
- Ambev announced approximately BRL 20 billion in shareholder returns for 2025, the highest in its history, including BRL 13.2 billion in dividends, BRL 4.2 billion in interest on capital, and a new BRL 2.5 billion share buyback program.
- For 2026, Ambev expects Brazil beer cash COGS per hectoliter (excluding non-Ambev marketplace products) to increase between 4.5% and 7.5%, driven by commodity prices and portfolio mix.
Feb 12, 2026, 4:30 PM
Ambev Reports Strong Q4 and Full Year 2025 Results with Significant Shareholder Returns
ABEV
Earnings
Dividends
Share Buyback
- Ambev reported a 50 basis points expansion in consolidated normalized EBITDA margin, reaching 33.4% for full-year 2025, marking the third consecutive year of margin growth, alongside a 2% increase in normalized EPS.
- The company announced approximately BRL 20 billion in shareholder returns for 2025, the highest in its history, comprising BRL 13.2 billion in dividends, BRL 4.2 billion in interest on capital, and a new BRL 2.5 billion share buyback program.
- Digital platforms showed strong growth in 2025, with BEES Marketplace full-year GMV increasing 70% and Zé Delivery achieving BRL 4.7 billion in GMV (up 13%) and 27 million yearly active users (up 11%).
- For 2026, Ambev expects Brazil beer cash COGS per hectoliter to increase between 4.5% and 7.5%, primarily due to commodity prices and portfolio mix, with higher cost pressures anticipated in the first half.
Feb 12, 2026, 4:30 PM
Ambev Reports Q4 and Full Year 2025 Results
ABEV
Earnings
Dividends
Share Buyback
- For the full year 2025, Ambev reported 4.0% organic net revenue growth and 5.6% organic Normalized EBITDA growth, with Normalized EBITDA margin expanding 50 basis points to 33.4%.
- Total volume for full year 2025 declined by 3.3% compared to the previous year.
- Cash flow from operating activities for full year 2025 was R$ 24,450.3 million, a 6.3% decrease compared to FY24.
- Ambev announced approximately R$ 20 billion to be returned to shareholders in 2025 through share buyback, dividends, and interest on capital.
Feb 12, 2026, 11:06 AM
Ambev Reports Q3 2025 Results and Announces Share Buyback Program
ABEV
Earnings
Share Buyback
Demand Weakening
- Ambev reported Q3 2025 EBITDA growth of 3% with 50 basis points of margin expansion and normalized EPS grew 8%, driven by 7% net revenue per hectoliter growth despite softer industry volumes in Brazil.
- The Board of Directors approved a $1 billion share buyback program on October 29, 2025, for canceling shares, and a new BRL2.5 billion buyback program is starting after the previous one completed in June.
- Year-to-date, the company's top line grew 4%, EBITDA was up over 7% with 120 basis points of margin expansion, and normalized EPS grew above 7%, supported by cost initiatives and disciplined management.
- Industry softness in Brazil was attributed to colder weather (approximately 70% of the decline) and constrained consumer purchasing power, but Ambev's premium and super premium brands continued to grow volumes by more than 9%.
Oct 30, 2025, 3:30 PM
AMBEV S.A. Approves New Share Buyback Program
ABEV
Share Buyback
- AMBEV S.A. has approved a share buyback program to repurchase up to 208,000,000 common shares.
- The program's primary purpose is share cancellation to maximize shareholder value and will be in effect until April 29, 2027.
- The company currently has 4,253,039,958 outstanding shares.
- The estimated cost for the maximum repurchase is approximately R$ 2,500,000,000.00, based on the October 29, 2024 closing share price, representing about 15% of the Company's cash.
- The acquisition will be recorded as a debit on the capital reserve from the September 30, 2025 balance sheet.
Oct 30, 2025, 10:18 AM
Ambev S.A. Reports Q3 2025 Results
ABEV
Earnings
Share Buyback
Demand Weakening
- Ambev reported 1.2% organic net revenue growth and 2.9% organic Normalized EBITDA growth for Q3 2025, with Normalized EBITDA margin expanding 50 bps to 33.9%.
- Consolidated volumes declined by 5.8% organically in Q3 2025, primarily due to soft industries in Brazil, Canada, and Latin America South.
- Normalized Profit for Q3 2025 increased by 7.4% to R$ 3,843.1 million, while cash flow from operating activities decreased by 14.7% compared to Q3 2024.
- The Board of Directors approved a R$ 2.5 billion share buyback program for up to 208,000,000 shares to be executed within the next 18 months.
Oct 30, 2025, 10:08 AM
Ambev Reports Q3 2025 Results, Announces Subsidiary Sale and New Share Buyback Program
ABEV
Earnings
Share Buyback
Dividends
- Ambev reported net income of R$4,863,720 thousand and basic earnings per share of R$0.3041 for the third quarter of 2025, with nine-month net income reaching R$11,458,935 thousand.
- The company completed the sale of 61.83% of its interest in SLU Beverages LTD. for US$115 million (R$612 million) on July 31, 2025, recognizing a gain of R$884 million related to the transaction.
- A dividend of R$0.1283 per share was approved on July 30, 2025, and paid on October 6, 2025.
- A new share buyback program was approved on October 29, 2025, authorizing the repurchase of up to 208,000,000 common shares until April 29, 2027.
- The effective tax rate for Q3 2025 was 6.72%, influenced by the SLU disposal and a R$375 million impact from the partial reversal of a tax liability.
Oct 30, 2025, 10:04 AM
Quarterly earnings call transcripts for AMBEV.
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